Ford (F) expects $1.5B to $2B in restructuring charges in 2023

Ford (F) said in a regulatory filing on Wednesday that the company expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. The charges come as part of the U.S. automaker's move to exit unprofitable locations and cut headcount.

The charges will be primarily attributed towards "employee separations and supplier settlements," the filing said, adding additional restructuring actions may be taken "where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses."

Earlier this year, Ford announced plans to cut one in nine jobs in Europe, as part of a drive to lower costs in the region and concentrate engineering know-how in the United States.

The company has also been reducing operations in countries such as Brazil and India, as it pours billions into developing electric vehicles.

Shares of F are down 0.11% in pre-market trading on Wednesday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• Ford (F) PT Raised to $11 at Wells Fargo
• TNL Mediagene faces Nasdaq delisting over bid price and equity rules
• Robo.ai Inc (AIIO) files for 22.34M share offering by selling stockholders